1996 03 13 IABTa IOU
4hf 4 4a QU&rA
78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
INVESTMENT ADVISORY BOARD
AGENDA
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
March 13, 1996 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II CONFIRMATION OF AGENDA
III PUBLIC COMMENT -(This is the time set aside for public comment on any matter not scheduled on the agenda.)
IV CONSENT CALENDAR
A. Approval of Minutes of February 14, 1996.
V BUSINESS SESSION
A. Transmittal of Treasury Report for January 31, 1996.
B. Selection of Two Board Members for Travel to CMTA Conference April 23 - 27, 1996.
C. Selection of Broker/Dealer.
D. Review of Investment Policy
VI BOARD MEMBER COMMENTS
VII INFORMATIONAL ITEMS
A. California Society of Municipal Finance Officers Awards.
VII ADJOURNMENT
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 ��
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OF TNT
INVESTMENT ADVISORY BOARD MEETING: February 14, 1996
BUSINESS SESSION: A
ITEM TITLE
Transmittal of Treasury Report
for January 31, 1996
ISSUE AND DISCUSSION:
Attached please find the Treasury Report for January 31, 1996.
RECOMMENDATION:
Review, Receive and File the Treasury Report for January 31, 1996.
Approved for submission to the Investment Advisory Board:
)hn M. Falconer
nance Director
T a 0
4t!t 4 XP Qum&
MEMORANDUM
TO: La Quinta City Council
FROM: John Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for January 31, 1996
DATE: March 04, 1996
Attached is the Treasurer's Report for the month ending January 31, 1995. This report is submitted to the
City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
Cash and Investments:
Increase of $21,511. due to the net effect of revenues in excess of expenditures.
State Pool:
ICMA:
Increase of $7,714,402. due to interest earned, the receipt of tax increment and transfers
to and from the cash and investment accounts.
No change.
Mutual Funds:
Decrease of $230,922. due to the net effect of debt service payments due and interest
earned.
Total increase in cash balances $7,504,991.
certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months.
ohn M. Falconer Da
Finance Director/Treasurer
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CITY OF LA QUINTA
CITY
CITY
BALANCE SHEET 01/31/96
FIXED
LONG TERM
CITY ASSETS
DEBT RDA
ASSETS:
POOLED CASH
12,112,736.99
10,048,175.68
LQHP CASH
(2,906.92)
BOND REDEMPTION CASH
30,208.49
BOND RESERVE CASH
514,258.69
BOND PROJECT CASH
13,702,466.32
BOND ESCROW CASH
2,342.51
PETTY CASH
1,000.00
BANK OF THE DESERT M/M
ICMA DEFERRED COMPENSATION
332,304.17
CASH & INVESTMENT TOTAL
12,446,041.16
24,294,544.77
ACCOUNTS RECEIVABLE
133,057.15
63,000.00
LOAN/NOTES RECEIVABLE
67,120.00
DUE FROM OTHER AGENCIES
(57,244.84)
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
551,038.04
DUE FROM RDA
6,048,957.20
INTEREST ADVANCE -DUE FROM RDA
352,855.86
NSF CHECKS RECEIVABLE
2,529.59
ACCRUED REVENUE
TRAVEL ADVANCES
1,207.50
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
6,481,362.46
681,158.04
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
RDA RDA FA
FIXED LONG TERM FINANCING LONG TERM
GRAND
ASSETS DEBT AUTHORITY DEBT
TOTAL
22,160, 912.67
(2,906.92)
4,461.44
34,669.93
714,009.55
1,228,268.24
13,702,466.32
2,342.51
1,000.00
332, 304.17
718,470.99
37,459,056.92
196,057.15
67,120.00
(57,244.84)
551,038.04
6,048,957.20
352,855.86
2,529.59
1,207.50
7,162, 520.50
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,000.00
2,000.00
DEPOSITS TOTAL
2,075.00
2,075.00
GENERAL FIXED ASSETS
16,150,822.00
5,879,910.05
22,030,732.05
AMOUNT AVAILABLE TO RETIRE L/T DEBT
2,340,653.00
2,340,653.00
AMOUNT TO BE PROVIDED FOR LIT DEBT
309,279.00 70,340,393.02
8,360,000.00 79,009,672.02
TOTAL OTHER ASSETS
16,150,822.00
309,279.00 5,879,910.05 72,681,046.02
8,360,000.00 103,381,057.07
TOTAL ASSETS
18,929,478.62 16,150,822.00
309,279.00 24 975 702.81 5,879,910.05 72,681,046.02
718,470.99 8,360,000.00 148,004,709.49
LIABILITY
ACCOUNTS PAYABLE
DUE TO OTHER AGENCIES
503,638.38
503,638.38
DUE TO OTHER FUNDS
551,038.04
551,038.04
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
12,272.60
12,272.60
PAYROLL LIABILITIES
24,284.18
24,284.18
STRONG MOTION INSTRUMENTS
849.91
849.91
FRINGE TOED LIZARD FEES
82,417.40
82,417.40
SUSPENSE
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
623,462.47 551,038.04
1,174,500.51
ENGINEERING TRUST DEPOSITS
46,881.91
46,881.91
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
184,746.45
184,746.45
DEVELOPER DEPOSITS
175,822.74
175,822.74
MISC. DEPOSITS
10,116.62
10,116.62
AGENCY FUND DEPOSITS
1,283,948.22
1,283,948.22
ICMA-DEFERRED COMP DEPOSITS
332,304.17
332,304.17
TOTAL DEPOSITS
2,033,820.11
2,033,820.11
DEFERRED REVENUE
OTHER LIABILITIES TOTAL
COMPENSATED ABSENCES PAYABLE 309,279.00 309,279.00
DUE TO THE CITY OF LA QUINTA 6,401,814.27 6,401,814.27
NOTE DUE TO MURPHY, DALES, LANE
DUE TO COUNTY OF RIVERSIDE 11,572,687.00 11,572,687.00
DUE TO C.V. UNIFIED SCHOOL DISTRICT 12,271,884.75 12,271,884.75
DUE TO DESERT SANDS SCHOOL DISTRIC 1,904,660.00 1,904,660.00
BONDS PAYABLE 40,530,000.00 8,360,000.00 48,890,000.00
TOTAL LONG TERM DEBT 309,279.00 72,681,046.02 8,360,000.00 81,350,325.02
TOTAL LIABILITY 2,657,282.58 309,279.00 551,038.04 72,681,046.02 8,360,000.00 84,558,645.64
EQUITY -FUND BALANCE
16,272,196.04 16,150,822.00 24,424,664.77 5,879,910.05 718,470.99 63,446,063.85
TOTAL LIABILITY & EQUITY 18,929 478.62 16,150,822.00 309,279.00 24,975,702.81 5,879 910.05 72,681 046.02 718 470.99 8,360,000.00 148,004,709.49
F ?
U - D
OF TNT
INVESTMENT ADVISORY BOARD MEETING: March 13, 1996
Business Session No. B
ITEM TITLE
Selection of Two Board Members
for Travel to CMTA Conference
April 23 - 27, 1996.
ISSUE AND DISCUSSION:
The City of La Quinta has budgeted for the Finance Director and for two members from the
Investment Advisory Board to attend the California Municipal Treasurers Association
Conference. Attached please find an outline of the Conference activities.
The attendees are subject to the City travel policies and are required to submit all receipts
and forms. The policies and forms will be given to the members who attend the
conference.
Approved for submission to the Investment Advisory Board:
hn M. Falconer
lance Director
f,
Annual Conference Schedule
Wednesday, April 24, 1996 9:00 a.m. - 5:00 p.m.
♦ Business Meeting
California Constitution Revision
t Creation of Investment Policies — including new legislation
♦ Orange County Recovery
♦ Keynote Luncheon Speaker: Matt Fong, State Treasurer
I Thursday, April 25, 1996. 9:00 a.m. - 4:15 p.m. '
♦ Concurrent Sessions
• Risk of Securities Lending
• External Money Managers
• Collection 6z Processing Parkin, Fincs
• Business License Issues
• Electronic Age in Banking
• Fraud Detection & Protection
• Investment Strategy — Buy & Hold
• Investment Strategy — Active
♦ Keynote Luncheon � peaker-: Mary Ellen Withrow, United States Treasurer
Friday, April 26, 1996 8:00 a.m. - 12:00 Noon ,
♦ Round Table Discussions
• Certification
• Treasurers' Handbook
• LAIF
• Internal Controls
• Callable Agency Notes (Pros & Cons)
• Collection/Accounts Rc ceivable
♦ Handling Change and MOM"JUng Staff
Speaker: Bill Daniels, American Consult111g MICI Trairin,;,
Author of Brea{:thrnitgh Pc) fornwlice
MONTEREY ANNUAL CONFERENCE
April 23 - 27, 1996
Budgeted Amount (Account 101-151-637-000) $2,100.00
Required Budget Transfer (Account 101-151-655-000) 1,200.00
$3,300.00
Conference Registration - 3 attending $ 470.00
Airline Cost 348.00
Hotel - 3 Rooms 1, 518.00
(Confirmation No. 1299959)
Valet Parking for 4 days 40.00
Rental Car - 4 days 187.48
(Confirmation No. 41793438US1)
Meals - 3 people/4 days @ $50.00 day 600.00
$3,163.48-
Balance Remaining 136.52
00'5 •c
OF TNT
INVESTMENT ADVISORY BOARD MEETING
ITEM TITLE
Selection of Broker/Dealer
ISSUE AND DISCUSSION:
March 13, 1996
BUSINESS SESSION: C
The purpose of this staff memorandum is to report the efforts taken in selecting
broker/dealers to serve the City of La Quinta for the month of February.
A Broker/Dealer Questionnaire was sent out to the firms listed below based upon the
following criteria 1) firms that submitted requests to the City and 2) Investment Advisory
Board recommendations.
Broker/Dealer Questionnaires Mailed or Delivered:
Dean Witter, Newport Beach
Paine Weber, Indian Wells
In addition, to reviewing the questionnaire, staff also contacted the National Association
of Security Dealers (NASD) and State of California Corporations Department to disclose
disciplinary actions that may have been taken and reviewed financial statement
information.
The results can be summarized as follows:
• Met requirements
• Did not meet requirements
• Declined to respond
The results are as follows:
Dean Witter - Met requirements
Pain Weber - Has not responded
The goal of staff was to have three broker/dealers to obtain quotes from when trading
investments, however only two have met the requirements set forth in the broker/dealer
questionnaire. Staff will continue to seek a third broker/dealer in the future, however we
do not want to delay the diversification of the investment portfolio.
The Investment Policy only requires two bids and I believe that the additional time needed
to select another broker/dealer would not result in significant savings based upon the types
of investments that will be purchased.
The Investment Policy only requires that two bids be obtained.
The Corporate Resolutions and Investor Agreement are in the process of being reviewed
by the City Attorney.
RECOMMENDATION:
Staff recommends that Dean Witter, Newport Beach be placed as broker/dealer of the
Listing of Financial Institutions for the City of La Quinta subject to a final legal review of the
trading authorization and Corporate Account Agreement by the City Attorney.
Approved for submission to the Investment Advisory Board:
in M. Falconer
ance Director
0 DEAN W17TER REYNOLDS INC. Account No.
Corporate Account Agreement & Enabling Resolutions
To Dean Witter Reynolds Inc.:
The undersigned, (the "Corporation"), acting by
(name of individual), the Corporation's duly authorized
(President/Secretary/Treasurer, referred to as the "Officer"), pursuant to the following duly certified
resolutions, hereby authorizes you to open a Securities Account in the name of the Corporation. This
authorization shall continue in effect until revoked by the Corporation by a written notice addressed to you
and received at (Dean Witter branch carrying the account).
Further, Corporation hereby certifies that the following is a full, true, and correct copy of Resolutions
duly and regularly adopted by vote of the Board of Directors (the "Board") of the Corporation, that such
Resolutions have not been rescinded or modified and are in full force and effect, and Corporation further
represents and warrants that: (1) the Resolutions are in accord with and pursuant to Corporation's
underlying charter and by-laws; (2) the Resolutions are in accord with all constitutional, statutory, and
regulatory provisions pertaining to Corporation; (3) Corporation is empowered to take the actions called for
by the Resolutions; (4) Corporation is duly organized and existing; (5) the persons designated below as
officers of Corporation have been duly installed and now hold the offices in Corporation set forth by their
respective names and their true signatures; (6) a current audited financial statement is attached; (7) the
Corporation has no other accounts with Dean Witter other than ; and (8) the
Corporation hereby designates as the Dean Witter Account Executive of record for this
account.
The Dean Witter Securities Account
Securities accounts are subject to federal and state law and the rules, regulations, and customs of the
SEC, the CFTC; the Federal Reserve Board, the NYSE, the NASD, other industry self -regulatory organiza-
tions, and exchanges.
Substitute W-9
Federal income tax regulations require Dean Witter to obtain a social security or tax ID number for
every account. Use this guide to select the appropriate number.
Communications: Suspected Errors
Until Dean Witter receives a written notice of a different address, all communications sent to the
address of record are presumed to have been given to the corporate personally whether or not actually
received.
Corporations suspecting an error on their monthly statement or a trade confirmation should promptly
contact the manager of the branch servicing that account. Dean Witter may presume the statement correct
unless it receives written notification about the suspected error within 10 days. It is the corporation's
responsibility to seek immediate clarification about entries that the client does not clearly understand.
Termination or Restriction of Accounts
A corporation may terminate an account at any time but will remain responsible for any charges to the
account. Dean Witter likewise may terminate an account at any time or place limitations on available
services, including the nature, volume and timing of transactions.
DWR 7881 (4-93) REV. 3-94
Governing Law
No provision of this Agreement may be amended or waived unless agreed to in writing and signed by
an authorized officer of Dean Witter. If any provision of this Agreement becomes inconsistent with any
applicable current or future law, that provision will be deemed amended to conform with the law, but all
other provisions will remain in effect. This Agreement and its enforcement will be governed by the law of
the State of New York without regard to conflict of laws provisions.
This agreement shall cover individually and collectively all accounts which are held by Dean Witter for
the corporation. This Agreement shall be binding upon the present Dean Witter organization and any
successor organizations and their respective assigns; it shall be binding upon the current account owner(s)
and the heirs, executors, administrators, trustees, receivers, successors and assigns of the account.
Signatures
As required by IRS regulations, I certify under penalties of perjury that I have provided you with the
Corporation's correct Tax ID number.
Print Name
Date:
(Corporation), by:
19 .
(Signature)
Authorized Individuals
(Officer)
I further certify that the following officers and/or individuals have been duly authorized, individually,
pursuant to Resolutions "second" and "third" on the reverse, to issue instructions concerning the
Securities Account, and that the following are their true signatures:
Print Name
Print Title Signature
IN WITNESS WHEREOF I have hereunto affixed my hand and the Seal of the Corporation, this
day of , 199—.
(Secretary, or specify: )
(Signature)
Account Executive Signature Date Branch Manager Signature Date
ENABLING RESOLUTIONS
FIRST: Resolved that the Corporation is authorized and empowered to open a Securities Account
with Dean Witter Reynolds Inc. ("you") as described in the Dean Witter Client Agreement.
SECOND: Resolved that the Securities Account shall be a Cash Account or a Margin Account for the
purpose of purchasing, selling (including short sales), transferring, exchanging, pledging, and
generally dealing in any and all forms of securities and financial instruments of every kind or nature
whatsoever. All orders and instructions, written or oral, relating to the Securities Accounts shall be
given you by one of the individuals designated under the heading "Authorized Individuals", and
each of them individually is hereby authorized and directed to purchase and/or sell and/or deal in
any and all securities and financial instruments for the Corporation, including the power to delivery,
accept delivery of, pledge, endorse, and direct the transfer of record title of any assets beneficially
owned by the Corporation, without obligation on your part to inquire into the reasons for said
orders or instructions.
THIRD: Resolved that you may deal with any of the Authorized Individuals as though you were
dealing with the Corporation directly.
FOURTH: Resolved that each of the Authorized Individuals is authorized and directed to execute
and deliver to you on behalf of Corporation any and all agreements, documents, contracts, and
other writings that you may require.
FIFTH: Resolved that the Secretary (or other duly designated officer) of the Corporation is hereby
authorized, empowered and directed to certify, under the Seal of the Corporation, or otherwise to
you:
(a) a true copy of these Resolutions;
(b) specimen signatures of each and every individual empowered by these Resolutions:
(c) a certificate (which, if you require, shall be supported by an opinion of the general counsel
of the Corporation, or other counsel satisfactory to you) that the Corporation is duly
organized and existing, that its charter empowers it to transact the business contemplated
in these Resolutions, and that no limitation has been imposed upon such powers by
constitution, statute, regulations, charter, by-law, or otherwise.
SIXTH: Resolved that you may rely upon any certification given in accordance with these
Resolutions as continuing fully effective unless and until you shall receive due written notice of an
amendment, modification or rescission of such Resolution or certification. Further resolved that
you shall not be liable for any action taken or not taken upon instruction of any Authorized
Individual prior to your actual receipt of written notice of the termination or impairment of such
person's authority. The failure to supply any specimen signature or any other documentation shall
not invalidate any transaction which is in accordance with authority actually granted.
SEVENTH: Resolved that in the event of any change in the office or powers hereby empowered, the
Secretary (or other duly designated officer) shall certify such changes to you, in writing, which
certification, when you receive it, shall terminate the powers of the persons previously authorized
and empower the persons thereby substituted.
03/07/96 THU 15:05 FAX 714 721 9542
Q 002
IVA)
DEAN WITFER I�EYNOLDS' INC.
CORPORATE TRADING AUTHORIZATII;'PN
AM*
I _ hereby certify, that
1 am of
(Title of Officer)
(Name of Corporatic; n)
a corporation duly organized and existing under the laws of
(State of Incorooration)
that at a meeting of the of this
(Designate Governing Board or Executive Committee)
Corporation, duly held on the.
day of _, . ,19 ,
at which a quorum was pri3sent and acting throughout, the followinl'l resolutions were duly adopted,
and are still in full force and effect.
RESOLVED FIRST, that the officers and/or agents of this Corl::oration named below are
hereby authorized, for and on behalf of this Corporation, to purr::hase, sell, resell, borrow,
or lend, to or from Dean Witter Reynolds Inc. ("Dean Witter") ai-;ly and al forms of money
market instruments, commodities futures contracts, options and :,orporate and government
credit or debt securities, including, but not limited to, commerciril paper, certificates of de-
posit, banker's acceptances, notes, certificates and other debt sect, irities or obligations issued
or guaranteed by the United States Government or any of its ager,cies and instrumentalities,
mortgage bricked securities, corporate notes, bonds and debentures. Such persons are also
authorized •,.o enter i Ito options, forwards, financial futures contracts, or other contracts to
purchase or sell any of the foregoing instruments and securities, a, -id to engage in repurchase
and reverse repurchase agreements with respect to any of the foe -+:going instruments and se-
curities, ancil other certificates or evidence of indebtedness of any kind in which Dean Witter
may from time to time deal.*
SECOND, tiat the fu lest authority is hereby conferred at all time;, with respect to any trans-
action pursuant to the foregoing resolution, and any action taken by any one of the officers
and/or agents named below shall be deemed to be proper in cr+nnection therewith. Dean
Witter may deal with any and all of the officers and/or agents dii!signated by this resolution
as though fit were defiling with the Corporation directly,
* If authority with respect to any security or instrument referred to is not conferred, please
strike out as appropriate.
03/07/96 THli 15:05 FAX 714. 721 9542 2003
TH I R D, that any officer of the Corporation is authorized to certl1 y to Dean Witter the fore-
going resolution and related list of authorized officers and agents v nd, if requested, specimen
signatures o1 such Pei -sons. Dean Witter may rsly upon such resoh.ition, list and certification
until it shall have received written notice of a change in or the r i:ascission of any authority
granted by such resolution.
I FURTHER CERTIFY that the action authorized to be taken by the fo�egoing resolutions is not contrary
to any provision in •rhe charter or by-laws of the Corporation.
Officers, directors cind agent) authorized and empowered to act pursuan -to these resolutions:* {Indicate if
a separate schedule is attached I
IN WITNESS WHEREOF, I have hereunto affixed my hand and the seal of said Corporation this
day of
Secretary or Auti-+,orized Signatory
* Specimen signatures must be provided upon request.
State of i
ss
City of
Swornto before me this day
of 1 19--
Notary Public
My Commission eXpires
� _ a
!a i 9 roc•
CF
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INVESTMENT ADVISORY BOARD MEETING:
ITEM TITLE
Review of Investment Policy
ISSUE AND DISCUSSION:
March 13, 1996
Business Session No. D
At our last meeting, staff was asked to work on an investment executive summary that
could be incorporated into the City investment policies. Thanks to the efforts of Board
Member Irwin attached please find an executive summary for the Boards consideration.
Approved for subm
Jo n M. Falc ner
F' ance Director
on to the Investment Advisory Board:
City of La Quinta
Investment Policy
Executive Summary
The general purpose of this Investment Policy is to provide the rules and standards users
must follow in investing funds of the City of La Quinta.
It is the policy of the City of La Quinta to invest all public funds in a manner which will
provide a diversified portfolio with the highest investment return and the maximum security
while meeting daily cash flow demands and in conformity to all state and local statutes.
This Policy applies to all cash and investments of the City of La Quinta, La Quinta
Redevelopment Agency and the La Quinta Financing Authority, hereafter referred in this
document as the "City".
The primary objectives, in order of priority, of the City of La Quinta's investment activity
shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks to
ensure the preservation of capital in the overall portfolio
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a market
rate of return or yield throughout budgetary and economic cycles, taking into
account the investment risk constraints and liquidity needs.
Investments shall be made with judgment and care - under circumstances then prevailing -
which persons of prudence discretion, and intelligence exercise in the management of their
own affairs, not for speculation, but for investment, considering the probable safety of their
capital as well as the probable income to be derived.
Authority to manage the City of La Quinta's investment portfolio is derived from the City
Ordinance. Management responsibility for the investment program is delegated to the City
Treasurer, who shall establish and implement written procedures for the operation of the
City's investment program consistent with the Investment Policy. The Treasurer shall
establish and implement a system of internal controls to maintain the safety of the portfolio.
In addition, the internal control system will also insure the timely preparation and accurate
reporting of the portfolio financial information. The adequacy of these controls will be
reviewed and reported on annually by an independent auditor.
Investment responsibilities carry added duties of insuring that investments are made
without improper influence or the appearance to a reasonable person of questionable or
improper influence.
The City of La Quinta maintains a listing of financial institutions which are approved for
investment purposes. All Broker/Dealers and financial institutions selected by the
Treasurer to provide investment services will be approved by the City Manager subject to
City Council approval.
The Treasurer will be permitted to invest only in City approved investments up to the
maximum allowable percentages and, where applicable, through the bid process
requirements. Authorized investment vehicles and related maximum portfolio positions are
listed in the attached Appendix A. At least two bids will be required of investments in
government securities with a maturity of more than six months.
Collateralization will be required for Certificates of Deposit and Repurchase Agreements.
Collateral will always be held by an independent third party with whom the City of La
Quinta has a current custodial agreement. Evidence of ownership must be supplied to the
City and retained by the City Treasurer.
The City of La Quinta shall adhere to Government Code State Statutes, which require each
individual investment to have a maximum maturity of five years unless specific approval
is authorized by the City Council.
The City of La Quinta will use the six month U.S. Treasury Bill as a benchmark when
measuring the performance of the investment portfolio.
The Investment Policies shall be adopted by resolution of the La Quinta City Council on
an annual basis, The Investment Policies will be adopted before the end of June of each
year. The Investment Policies will be reviewed and revisions; if any, proposed by the
Investment Advisory Board, City Manager, City Treasurer and City Attorney to the City
Council for their consideration.
La� •c9�
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INVESTMENT ADVISORY BOARD MEETING: March 13, 1996
INFORMATIONAL ITEMS: A
ITEM TITLE
California Society of Municipal
Finance Officers (CSMFO) Awards
ISSUE AND DISCUSSION:
The City of La Quinta was recently presented awards of excellence from the CSMFO for
its budget and financial statements at their annual meeting in February.
The City was one of twenty-two cities statewide and the only City in Riverside County to
receive both awards.
Approved for submission to the Investment Advisory Board:
in M. Falcone
ance Director
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